Accounting automation Bizzi receives undisclosed investment from 500 Startups

Bizzi developed an accounting automation tool using robotic process automation as it aims to simplify and digitize the financial operations of companies.

It works on top of an existing accounting software to automate financial processes like bills payments, receipt scanning, compliance, and bookkeeping, among others.

The platform uses machine learning to better understand data context and increase the platform’s accuracy. According to the startup, its solution can save the time and money that businesses spend on daily financial processes by 80%.

“This new funding will allow us to accelerate growth toward our vision that every accountant should spend their time advising and crunching the numbers instead of doing manual work,” Nghia Vu, the co-founder and CEO of Bizzi, told the news website.

As more businesses ramp up their digital transformation initiatives in the wake of the Covid-19 crisis, companies offering automation services are seeing an opportunity.

Vietnam’s digital economy is expected to reach US$30 billion by 2025, up from US$9 billion in 2018, according to a report. If it succeeds in digital transformation, its GDP could reach US$162 billion within 20 years.

The company said it currently serves small businesses, large-scale enterprises, and accounting firms, with clients such as market expansion services provider DKSH, nutritional products distributor 3A Nutritions, and South Korean convenience store chain GS25, among others.

Prior to its investment in Bizzi, 500 Startups also backed other early-stage companies in the region that are leveraging RPA. Its portfolio includes Hong Kong-based Talkpush, which seeks to automate recruitment processes, and Singapore-based Glee Trees that adds AI to its automation product.

Source: Tech In Asia